Bikes are a popular mode of transport in India. It is suitable for newly married couples or singles who find it easier to commute to their place of work or run errands for their families. Given the conditions of the roads and driving behaviour, it would be prudent to cover your bike against all eventualities.
Two wheeler insurance policies in India come with a wide range of features. Each insurance company has its own key features that differ from its competitors. This makes it difficult for bikers to decide which bike insurance is suitable for them.
Some Common Features You Will Find in Bike Insurance
Most Companies have many common features that are generally found in your policy document and include:
- Consumable CoverIf you pay an additional premium you can be covered for the full value of all consumables like nuts, bolts etc.
- Zero Depreciation CoverThis add on cover allows you to minimize the cost of repair and the cost of plastic and fibre.
- Medical CoverYou can have an add on cover that reimburses expenses of treatment of passengers who are injured in an accident.
- Accessories CoverIt you like to do up your bike with fancy accessories then this add on is a must. It covers hub caps, floor carpets, side mirrors and other accessories.
One Year and Long Term Policy
Bike insurance can be of two types. One is the usual one year term policy and the other is a long term policy. Buying bike insurance policy in India is pretty simple.
You can buy it online with your credit card/debit card or through internet banking. You can also buy it from agents or walk into a office located close to you.
Standard Offerings by Bike Insurance Companies
Coverage offered by Bike insurance companies are almost similar with some companies offering extras amenities at extra premium. Basically, these insurance policies cover you for liabilities to third parties on the road. However, if you opt for comprehensive coverage it will cover the bike from a wide range of mishaps both, natural and man-made. Many bike insurance companies also offer a discount on the premium if there was no claim for the previous year. The discount differs from company to company.
Which Two Wheeler Insurance do I Buy?
The insurance market has a few good insurance that you can depend on. Basically, you need to find out their track record on how quickly they settle claim – and more importantly, is the claim process hassle. The company should have a responsive friendly customer service that will guide you.
You can also do a comparative study by logging on to the various sites that show you comparisons between two or more insurance companies.
Top Five Bike Insurance Companies
The top five bike insurance are HDFC ERGO, New India Assurance Company, SBI General Insurance company, ICICI Lombard General Insurance Company Limited and Bajaj Allianz General Insurance Company,
7 Advantages of Buying Bajaj Allianz Two Wheeler Insurance
The company offers innovative and other features that are advantageous to the policy holder which include:
- Offers third liability benefits for accidental injury or death or even in case of damages to third party property.
- Compensation is provided for damages or loss to the vehicle caused by man-made reasons like theft, riots, terrorists, vandalism etc. It also includes damages to the vehicle during transit. Compensation is also paid to the insurer if the vehicle is damaged by natural disasters like earthquakes, tsunami, cyclones, floods, typhoons etc.
- It comes with a personal accident where the insured or driver is compensated a maximum of ₹ 100,000.
- Free Services in select garages (as per list). If the garage is not on their approved garage list, then the company pays 75% of the garage bill amount.
- Option of transferring NCB (No Claim Bonus) NCB is a bonus/discount to the insurer for not making a claim in the previous year.
- 24x7 customer service regarding the status of the vehicle’s claim status Hassle free and time bound claim settlement
- Easily renew policy online in the comfort of your home.
Additional Coverage in the Policy
Bajaj Bike Insurance can also cover loss of accessories, liability of a paid driver or any other paid employee. Personal accident is also available for the pillion rider.
About Bajaj Allianz Two Wheeler Insurance
Bajaj Allianz is a customer centric insurance company and is known for its seamless services and innovative products. Through the years it has built customer trust and is known for its fair and speedy settlement of claims. It offers “Third Party Liability Only Policy” and “Comprehensive Package Policy”
It was voted the “Best General Insurance Company” in the private sector in 2014 the ABP news channel and also won many awards like “Claims Innovation of the Year” as well as the “Golden Peacock Award’ for 2014.
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